EUR/USD Gains After Weak US Retail Sales but US PPI Poses Threat to Recovery

EUR/USD extended its recovery on Thursday after bouncing off support around the 1.0700 mark earlier in the week. If gains accelerate in the coming days, confluence resistance near 1.0800 will be the first barrier against further advances. Above this area, the focus will be on the 200-day simple moving average at 1.0825, followed by 1.0890, the 50-day simple moving average.

On the flip side, if sellers return and trigger a bearish reversal, initial support looms at 1.0700, as noted above. Bulls will need to vigorously defend this floor; failure to do so could usher in a pullback towards 1.0650. Additional losses beyond this threshold could reinforce downward momentum, setting the stage for a drop toward 1.0520.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.

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